Eton Pharmaceuticals Financials

ETON

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Eton Pharmaceuticals (ETON) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 47/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Eton Pharmaceuticals has an operating margin of -6.7%, meaning the company retains $-7 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -3.8% the prior year.

Growth

Eton Pharmaceuticals's revenue surged 23.3% year-over-year to $39.0M, reflecting rapid business expansion. This strong growth earns a score of 95/100.

Leverage

Eton Pharmaceuticals carries a low D/E ratio of 1.22, meaning only $1.22 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 66/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Eton Pharmaceuticals's current ratio of 2.06 indicates adequate short-term liquidity, earning a score of 62/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Eton Pharmaceuticals's free cash flow margin of 2.4% results in a low score of 12/100. Capital expenditures of $26K absorb a large share of operating cash flow.

Piotroski F-Score Weak

3/9

Eton Pharmaceuticals passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Mixed

-0.25x

For every $1 of reported earnings, Eton Pharmaceuticals generates $-0.25 in operating cash flow ($969K OCF vs -$3.8M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-1.3x

Eton Pharmaceuticals earns $-1.3 in operating income for every $1 of interest expense (-$2.6M vs $2.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

$39.0M

YoY+23.3%

5Y CAGR+109.8%

Eton Pharmaceuticals generated $39.0M in revenue in fiscal year 2024. This represents an increase of 23.3% from the prior year.

EBITDA

-$1.5M

YoY-398.6%

Eton Pharmaceuticals's EBITDA was -$1.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 398.6% from the prior year.

Free Cash Flow

$943K

YoY-86.2%

Eton Pharmaceuticals generated $943K in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 86.2% from the prior year.

Net Income

-$3.8M

YoY-308.4%

Eton Pharmaceuticals reported -$3.8M in net income in fiscal year 2024. This represents a decrease of 308.4% from the prior year.

EPS (Diluted)

N/A

Cash & Debt

$14.9M

YoY-30.2%

5Y CAGR+4.4%

Eton Pharmaceuticals held $14.9M in cash against $29.8M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

27M

YoY+4.0%

5Y CAGR+8.4%

Eton Pharmaceuticals had 27M shares outstanding in fiscal year 2024. This represents an increase of 4.0% from the prior year.

Gross Margin

60.0%

YoY-6.6pp

5Y CAGR+7.3pp

Eton Pharmaceuticals's gross margin was 60.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 6.6 percentage points from the prior year.

Operating Margin

-6.7%

YoY-2.9pp

5Y CAGR+1933.0pp

Eton Pharmaceuticals's operating margin was -6.7% in fiscal year 2024, reflecting core business profitability. This is down 2.9 percentage points from the prior year.

Net Margin

-9.8%

YoY-6.8pp

5Y CAGR+1900.5pp

Eton Pharmaceuticals's net profit margin was -9.8% in fiscal year 2024, showing the share of revenue converted to profit. This is down 6.8 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$3.3M

YoY-2.0%

5Y CAGR-22.4%

Eton Pharmaceuticals invested $3.3M in research and development in fiscal year 2024. This represents a decrease of 2.0% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$26K

5Y CAGR-52.7%

Eton Pharmaceuticals invested $26K in capex in fiscal year 2024, funding long-term assets and infrastructure.

ETON Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$39.0M+23.3%	$31.6M+48.9%	$21.3M-2.7%	$21.8M+55879.5%	$39K-95.9%	$959K
Cost of Revenue	$15.6M+47.4%	$10.6M+52.6%	$6.9M+145.2%	$2.8M+548.4%	$436K-3.8%	$453K
Gross Profit	$23.4M+11.2%	$21.1M+47.1%	$14.3M-24.7%	$19.0M+4887.2%	-$397K-178.5%	$506K
R&D Expenses	$3.3M-2.0%	$3.3M-16.9%	$4.0M-35.9%	$6.2M-55.8%	$14.1M+22.1%	$11.6M
SG&A Expenses	$22.8M+20.2%	$18.9M+1.9%	$18.6M+30.3%	$14.3M+13.1%	$12.6M+67.0%	$7.6M
Operating Income	-$2.6M-117.9%	-$1.2M+85.6%	-$8.3M-452.5%	-$1.5M+94.5%	-$27.1M-45.8%	-$18.6M
Interest Expense	$2.0M+89.2%	$1.1M+11.0%	$955K-8.3%	$1.0M+17.9%	$884K+802.0%	$98K
Income Tax	$15K-93.9%	$247K	$0	$0	N/A	N/A
Net Income	-$3.8M-308.4%	-$936K+89.6%	-$9.0M-361.4%	-$2.0M+93.0%	-$28.0M-52.7%	-$18.3M
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$22.5M+18.7%	$18.9M+9.5%	$17.3M+48.4%	$11.6M+28.4%	$9.1M+13.9%	$8.0M+8.9%	$7.3M+4.1%	$7.0M
Cost of Revenue	$14.6M+108.5%	$7.0M-5.6%	$7.4M+43.5%	$5.2M+50.0%	$3.4M+16.5%	$3.0M-19.7%	$3.7M+40.3%	$2.6M
Gross Profit	$7.9M-34.1%	$11.9M+20.9%	$9.9M+52.3%	$6.5M+15.1%	$5.6M+12.4%	$5.0M+37.9%	$3.6M-17.6%	$4.4M
R&D Expenses	$1.1M-70.0%	$3.7M+219.7%	$1.2M+233.3%	-$871K-129.3%	$3.0M+356.2%	$651K-37.8%	$1.0M+70.2%	$615K
SG&A Expenses	$8.1M-16.3%	$9.7M+5.6%	$9.2M+36.5%	$6.7M+20.2%	$5.6M+8.4%	$5.2M+12.7%	$4.6M+5.5%	$4.3M
Operating Income	-$1.4M+7.6%	-$1.5M-213.8%	-$470K-174.7%	$629K+121.4%	-$2.9M-266.9%	-$800K+59.9%	-$2.0M-263.7%	-$548K
Interest Expense	$1.2M	N/A	$1.2M+451.2%	$211K	N/A	$238K	N/A	$267K
Income Tax	-$28K-142.4%	$66K-10.8%	$74K-14.9%	$87K+61.1%	$54K	$0-100.0%	$247K	$0
Net Income	-$1.9M+25.5%	-$2.6M-64.4%	-$1.6M-162.9%	-$598K+80.3%	-$3.0M-275.0%	-$811K+64.1%	-$2.3M-289.6%	-$579K
EPS (Diluted)	$-0.07	N/A	N/A	$0.02+116.7%	$-0.12-300.0%	$-0.03	N/A	$-0.02

ETON Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$76.1M+139.8%	$31.7M+26.8%	$25.0M-8.9%	$27.5M+4.4%	$26.3M+54.2%	$17.1M
Current Assets	$41.0M+52.8%	$26.8M+34.2%	$20.0M-15.3%	$23.6M-4.4%	$24.7M+64.6%	$15.0M
Cash & Equivalents	$14.9M-30.2%	$21.4M+31.2%	$16.3M+13.2%	$14.4M-32.4%	$21.3M+76.5%	$12.1M
Inventory	$15.2M+1572.0%	$911K+63.6%	$557K+1.3%	$550K-55.7%	$1.2M+226.8%	$380K
Accounts Receivable	$5.4M+57.2%	$3.4M+84.2%	$1.9M-66.1%	$5.5M+11297.9%	$48K-89.9%	$473K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$51.7M+217.9%	$16.3M+36.1%	$12.0M+21.5%	$9.8M-7.7%	$10.7M+63.4%	$6.5M
Current Liabilities	$19.9M+22.8%	$16.2M+151.4%	$6.5M+41.8%	$4.6M+20.1%	$3.8M+93.3%	$2.0M
Long-Term Debt	$29.8M	$0-100.0%	$5.4M+2.3%	$5.3M-19.4%	$6.5M+43.9%	$4.5M
Total Equity	$24.4M+57.8%	$15.5M+18.3%	$13.1M-25.8%	$17.6M0.0%	$17.6M+67.1%	$10.6M
Retained Earnings	-$107.9M-3.7%	-$104.1M-0.9%	-$103.1M-9.6%	-$94.1M-2.1%	-$92.2M-43.6%	-$64.2M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$104.5M+2.8%	$101.7M+21.0%	$84.0M+10.4%	$76.1M+139.2%	$31.8M+3.3%	$30.8M-3.0%	$31.7M+0.7%	$31.5M
Current Assets	$72.0M+5.2%	$68.4M+37.0%	$50.0M+21.8%	$41.0M+61.3%	$25.4M+4.8%	$24.3M-9.6%	$26.8M-1.2%	$27.2M
Cash & Equivalents	$37.1M+46.3%	$25.4M+45.7%	$17.4M+16.6%	$14.9M-15.6%	$17.7M+6.2%	$16.7M-22.1%	$21.4M-3.1%	$22.1M
Inventory	$16.9M-29.2%	$23.8M+74.7%	$13.6M-10.6%	$15.2M+636.6%	$2.1M-10.8%	$2.3M+154.4%	$911K-13.3%	$1.1M
Accounts Receivable	$13.1M-9.5%	$14.5M-11.9%	$16.4M+205.9%	$5.4M+10.0%	$4.9M+14.9%	$4.2M+24.3%	$3.4M-2.4%	$3.5M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$81.4M+4.7%	$77.7M+30.4%	$59.6M+15.3%	$51.7M+181.5%	$18.4M+20.0%	$15.3M-5.9%	$16.3M+11.1%	$14.6M
Current Liabilities	$44.2M+14.5%	$38.6M+52.3%	$25.4M+27.1%	$19.9M+9.5%	$18.2M+19.1%	$15.3M-5.8%	$16.2M+56.3%	$10.4M
Long-Term Debt	$27.6M+0.7%	$27.4M-8.6%	$30.0M+0.6%	$29.8M	N/A	N/A	$0-100.0%	$4.2M
Total Equity	$23.1M-3.5%	$24.0M-2.0%	$24.4M+0.1%	$24.4M+81.5%	$13.5M-13.1%	$15.5M+0.1%	$15.5M-8.4%	$16.9M
Retained Earnings	-$114.0M-1.7%	-$112.0M-2.4%	-$109.5M-1.5%	-$107.9M0.0%	-$107.9M-2.9%	-$104.9M-0.8%	-$104.1M-2.2%	-$101.8M

ETON Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$969K-85.8%	$6.8M+41.4%	$4.8M+202.1%	-$4.7M+78.9%	-$22.3M-24.0%	-$18.0M
Capital Expenditures	$26K	$0-100.0%	$38K+322.2%	$9K-82.0%	$50K-95.4%	$1.1M
Free Cash Flow	$943K-86.2%	$6.8M+42.5%	$4.8M+201.1%	-$4.7M+78.9%	-$22.4M-17.1%	-$19.1M
Investing Cash Flow	-$40.0M-5063.1%	-$775K+72.2%	-$2.8M-8.9%	-$2.6M-5018.0%	-$50K+97.3%	-$1.8M
Financing Cash Flow	$32.6M+3505.7%	-$957K-614.2%	-$134K-134.3%	$391K-98.8%	$31.6M+507.8%	$5.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$12.0M+51.1%	$8.0M+280.8%	$2.1M+373.2%	-$765K-161.0%	$1.3M+150.7%	-$2.5M-739.0%	$387K-55.7%	$873K
Capital Expenditures	$284K	$0	$0-100.0%	$12K	$0-100.0%	$14K	$0	$0
Free Cash Flow	$11.7M+47.5%	$8.0M+280.8%	$2.1M+369.0%	-$777K-161.9%	$1.3M+150.5%	-$2.5M-742.6%	$387K-55.7%	$873K
Investing Cash Flow	-$284K	$0	$0+100.0%	-$38.1M	$0+100.0%	-$1.9M-142.8%	-$775K	$0
Financing Cash Flow	$0	$0-100.0%	$394K-98.8%	$33.6M+15642.6%	-$216K+42.9%	-$378K-28.6%	-$294K+20.3%	-$369K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ETON Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	60.0%-6.6pp	66.6%-0.8pp	67.4%-19.7pp	87.1%+1105.0pp	-1018.0%-1070.7pp	52.8%
Operating Margin	-6.7%-2.9pp	-3.8%+35.1pp	-38.9%-32.0pp	-6.9%+69508.5pp	-69515.4%-67575.8pp	-1939.6%
Net Margin	-9.8%-6.8pp	-3.0%+39.5pp	-42.4%-33.5pp	-8.9%+71709.0pp	-71717.9%-69807.6pp	-1910.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-5.0%-2.1pp	-2.9%+33.1pp	-36.0%-28.9pp	-7.1%+99.1pp	-106.3%+1.0pp	-107.3%
Current Ratio	2.06+0.4	1.65-1.4	3.10-2.1	5.18-1.3	6.51-1.1	7.65
Debt-to-Equity	1.22+1.2	0.00-0.4	0.41+0.1	0.30-0.1	0.37-0.1	0.43
FCF Margin	2.4%-19.1pp	21.5%-1.0pp	22.5%+44.2pp	-21.7%+57404.0pp	-57425.6%-55431.7pp	-1993.9%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	35.0%-28.0pp	63.0%+5.9pp	57.1%+1.5pp	55.6%-6.4pp	62.0%-0.8pp	62.8%+13.2pp	49.6%-13.0pp	62.6%
Operating Margin	-6.1%+1.7pp	-7.8%-5.1pp	-2.7%-8.1pp	5.4%+37.8pp	-32.4%-22.3pp	-10.0%+17.2pp	-27.3%-19.4pp	-7.8%
Net Margin	-8.6%+5.1pp	-13.7%-4.6pp	-9.1%-4.0pp	-5.1%+28.4pp	-33.5%-23.3pp	-10.2%+20.7pp	-30.9%-22.6pp	-8.2%
Return on Equity	N/A	N/A	N/A	3.9%	N/A	N/A	N/A	N/A
Return on Assets	-1.8%+0.7pp	-2.5%-0.7pp	-1.9%-1.1pp	-0.8%+8.8pp	-9.6%-6.9pp	-2.6%+4.5pp	-7.1%-5.3pp	-1.8%
Current Ratio	1.63-0.1	1.77-0.2	1.97-0.1	2.06+0.7	1.40-0.2	1.59-0.1	1.65-1.0	2.61
Debt-to-Equity	1.19+0.0	1.14-0.1	1.230.0	1.22-0.1	1.36+0.4	0.99+1.0	0.00-0.2	0.25
FCF Margin	52.3%+10.2pp	42.0%+30.0pp	12.1%+18.8pp	-6.7%-20.5pp	13.8%+45.1pp	-31.2%-36.5pp	5.3%-7.1pp	12.4%

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Frequently Asked Questions

What is Eton Pharmaceuticals's annual revenue?

Eton Pharmaceuticals (ETON) reported $39.0M in total revenue for fiscal year 2024. This represents a 23.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Eton Pharmaceuticals's revenue growing?

Eton Pharmaceuticals (ETON) revenue grew by 23.3% year-over-year, from $31.6M to $39.0M in fiscal year 2024.

Is Eton Pharmaceuticals profitable?

No, Eton Pharmaceuticals (ETON) reported a net income of -$3.8M in fiscal year 2024, with a net profit margin of -9.8%.

What is Eton Pharmaceuticals's EBITDA?

Eton Pharmaceuticals (ETON) had EBITDA of -$1.5M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Eton Pharmaceuticals have?

As of fiscal year 2024, Eton Pharmaceuticals (ETON) had $14.9M in cash and equivalents against $29.8M in long-term debt.

What is Eton Pharmaceuticals's gross margin?

Eton Pharmaceuticals (ETON) had a gross margin of 60.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Eton Pharmaceuticals's operating margin?

Eton Pharmaceuticals (ETON) had an operating margin of -6.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Eton Pharmaceuticals's net profit margin?

Eton Pharmaceuticals (ETON) had a net profit margin of -9.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Eton Pharmaceuticals's free cash flow?

Eton Pharmaceuticals (ETON) generated $943K in free cash flow during fiscal year 2024. This represents a -86.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Eton Pharmaceuticals's operating cash flow?

Eton Pharmaceuticals (ETON) generated $969K in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Eton Pharmaceuticals's total assets?

Eton Pharmaceuticals (ETON) had $76.1M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Eton Pharmaceuticals's capital expenditures?

Eton Pharmaceuticals (ETON) invested $26K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Eton Pharmaceuticals spend on research and development?

Eton Pharmaceuticals (ETON) invested $3.3M in research and development during fiscal year 2024.

How many shares does Eton Pharmaceuticals have outstanding?

Eton Pharmaceuticals (ETON) had 27M shares outstanding as of fiscal year 2024.

What is Eton Pharmaceuticals's current ratio?

Eton Pharmaceuticals (ETON) had a current ratio of 2.06 as of fiscal year 2024, which is generally considered healthy.

What is Eton Pharmaceuticals's debt-to-equity ratio?

Eton Pharmaceuticals (ETON) had a debt-to-equity ratio of 1.22 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Eton Pharmaceuticals's return on assets (ROA)?

Eton Pharmaceuticals (ETON) had a return on assets of -5.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Eton Pharmaceuticals's Piotroski F-Score?

Eton Pharmaceuticals (ETON) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Eton Pharmaceuticals's earnings high quality?

Eton Pharmaceuticals (ETON) has an earnings quality ratio of -0.25x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Eton Pharmaceuticals cover its interest payments?

Eton Pharmaceuticals (ETON) has an interest coverage ratio of -1.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Eton Pharmaceuticals?

Eton Pharmaceuticals (ETON) scores 47 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.